Almost 40% lack life insurance, new survey finds

Almost four out of 10 adults do not have life insurance to financially help their families after their death, according to a new survey by a company owned by Palm Beach Gardens-based Bankrate.com.

However, many of those lacking life insurance don't necessarily need it: They're under 34 and not married, the online survey by InsuranceQuotes.com found. They also tend to earn the least.

In fact, 45 percent of those surveyed said life insurance "costs too much.” However, InsuranceQuotes.com found that more than two thirds of those who do have life insurance are paying under $100 a month and almost half are paying under $50 a month.

The most common level of coverage reported by those who have life insurance was between $25,001 and $100,000. Some 34 percent said they have between that amount of life insurance.

Those with life insurance policies tend to be the oldest surveyed. Only 27 percent of those 55 and older do not have some sort of life insurance that typically is used to pay for funeral expenses and financial support of survivors, according to the survey.